The uptrend in the Vietnamese import HRC market is continuing and new deals have been disclosed at a price level above $600/mt CFR recently. Chinese prices have remained among the most competitive even in spite of further increases.
A contract from Chinese producer Benxi was reported at $610/mt CFR for SAE1006 HRC late last week to a trader in Vietnam, versus the previous deals at $600-603/mt CFR from China, SteelOrbis has learned. One more deal also signed last week by a Chinese mill was reported at $605/mt CFR, but without details about tonnage and the buyer. Fresh offers and negotiations by Baosteel have been heard at $618/mt CFR Vietnam recently. It is expected that prices in the next deals will go up further, sources believe. For instance, a lot of Chinese SAE1006 HRC was already sold to Pakistan at $615/mt CFR last week and the shortage in the market has persisted. “The market [in Vietnam] is still in shortage. Traders expect at least a $10/mt increase in the coming week,” a source said.
The offered level from some Indian sources has been reported at $620/mt CFR, but there was no information about the available volumes.
Sources reported ex-Taiwan SAE1006 thin HRC sold at $640/mt CFR to Vietnam recently, but this could not be confirmed by the time of publication. Japanese offers are still coming to Vietnam at the same price level.
The SteelOrbis reference price for imported SAE1006 HRC in Vietnam has increased by $5-10/mt from late last week to $605-610/mt CFR.
